Now is the Time to Plan for 2026

The current estate and gift tax exemption, also known as the unified credit, is the amount a person can transfer to a non-spouse U. S. citizen free of estate or gift tax. In 2024 the exemption will be $13.61 million, but it is scheduled to sunset in 2026 to approximately half that amount. Barring an Now is the Time to Plan for 2026

Post-Mortem Administration Series, Part IV: What You Need to Know About Your Inheritance Trust

Part III of our series on post-mortem trust administrations of trusts discussed the difference between receiving an inheritance “outright,” and receiving an inheritance “in trust.” Part IV of the series addresses what beneficiaries of inheritance trusts need to know in order to understand, manage, and protect their inheritance. While many implications stem from receipt of Post-Mortem Administration Series, Part IV: What You Need to Know About Your Inheritance Trust

Post-Mortem Administration Series, Part III: How Do Your Beneficiaries Receive Their Inheritance?

At the death of the surviving spouse Trustmaker (or at the death of a single Trustmaker), the trust enters its final phase of administration. At the conclusion of this administration, no assets should remain in the name of the Living Trust, Family Trust, QTIP, or in the name of a Trustmaker. So, where does the Post-Mortem Administration Series, Part III: How Do Your Beneficiaries Receive Their Inheritance?

Post-Mortem Administration Series, Part II: What Happens to Your Trust When the Surviving Trustmaker Dies?

In Part I of this series, we discussed what happens to a joint living trust at the death of the first spouse. In this article, Part II of the series, we will take a look at what happens at the death of the survivor. This will depend on (1) whether there is a credit shelter Post-Mortem Administration Series, Part II: What Happens to Your Trust When the Surviving Trustmaker Dies?

Post Mortem Administration Series, Part I: With a Joint Trust, What Happens to Your Property when the First Spouse Dies?

For married couples, what happens to your trust property at the death of the first spouse depends on the estate plan that you chose to implement. In this multi-part series, we will review the different administrative paths that property takes, based on the type of trust and the circumstances. In Part I, we explore what Post Mortem Administration Series, Part I: With a Joint Trust, What Happens to Your Property when the First Spouse Dies?

Gifting as an Estate Planning Tool

A change in the makeup of Congress is a good time to review your estate planning strategy. One consideration is whether gifting, sometimes referred to as “lifetime gifting,” would be an appropriate addition to that strategy. All United States citizens are permitted to make a gift of up to $15,000 in value per person, per Gifting as an Estate Planning Tool